The IFSB to Organise Facilitating the Implementation of Standards Workshops for Banking, Takāful and Islamic Capital Market Regulators

Kuala Lumpur, 29 August 2016 – The Islamic Financial Services Board (IFSB) is pleased to announce the annual Workshops for Facilitating the Implementation of the IFSB Standards (FIS) for the Banking, Takāful and Islamic Capital Market (ICM) sectors in October and November 2016 in Kuala Lumpur, Malaysia. The FIS Workshops are open to the staff of regulatory and supervisory authorities from the IFSB member organisations.

Details of the three Workshops are as follows:

1) FIS Workshop for the BANKING Sector on 24 – 28 October 2016

Four IFSB Standards will be covered in this Workshop. They are: Revised Capital Adequacy Standard (IFSB-15), Core Principles for Islamic Finance Regulation (Banking Segment) (IFSB-17), Guidance Note on Quantitative Measures for Liquidity Risk Management (GN-6) and Guiding Principles on Stress Testing (IFSB-13). In addition, practical examples outlined in Exposure Draft of Technical Note on Stress Testing for IIFS (ED of TN-2) will be shared with the participations. The Workshop will also include a Special Session on Experience Sharing on the IFSB Standards’ Implementation.

2) FIS Workshop for the ICM Sector on 29 November – 1 December 2016

Among the topics which will be covered in this Workshop are: Introduction to ICM focusing on Sukūk and Securitisation, which is a section in the Revised Capital Adequacy Standard for IIFS (IFSB-15), Guiding Principles on Governance for Islamic Collective Investment Schemes (IFSB-6) and Principles on Sharīʻah Governance Systems for IIFS (IFSB-10). The Workshop participants will also participate in an IFSB Roundtable on Disclosure Requirements for ICM Products on 30 November 2016.

3) FIS Workshop for the TAKĀFUL Sector on 29 November – 1 December 2016

This Workshop will start with an Introduction to Takāful, Models and Features as well as Experience Sharing on Regulating Takāful & Retakāful Sector in Various Jurisdictions. It will specifically cover four IFSB Standards on the Takāful sector which are: Guiding Principles for Retakāful (IFSB-18), Standard on Risk Management for Takāful Undertakings (IFSB-14), Standard on Solvency Requirements for Takāful Undertakings (IFSB-11) and Guiding Principles on Governance for Takāful Undertakings (IFSB-8).

The objectives of the FIS Workshops are to:

• enhance the participants’ understanding of the respective Standards and Guiding Principles relevant to each sector, thereby improving their capacity for the implementation of these Standards in their jurisdictions.
• assist the participants in the practical application of the issues addressed in the IFSB Standards through case studies, group exercises and other interactive tools; and
• promote the sharing of experiences among regulators and market players on the implementation of the IFSB Standards.

These Workshops also intend to serve as a Train the Trainer programme for the participants to bring back knowledge and dissemination of information to their organisations on the application of the IFSB Standards and Guiding Principles.

The IFSB invites all regulatory and supervisory authorities from among the IFSB member organisations to participate in these Workshops. For more information on the Workshops, please visit www.ifsb.org or contact Mr. Hamizi Hamzah at [email protected].